Federal Cost Control Act of 1984

Federal Cost Control Act of 1984 - Requires specified Senate committees, not later than June 1, 1984, to submit legislation to Congress carrying out specified budget savings for FY 1985 through 1987 as achieved through the recommendations of the President's Private Sector Survey on Cost Control (Grace Commission).

Requires such legislation to be based on the recommendations of the President's Private Sector Survey on Cost Control as reviewed by both the Congressional Budget Office and the General Accounting Office. Declares that such recommendations are not binding on the committees.

Requires the administration to: (1) review the recommendations of such survey which require administrative or presidential action to implement; and (2) adopt a sufficient quantity to achieve specified cost savings.

Requires the administration to act to expedite and administer provisions of the laws enacted pursuant to this Act.